Property Acquisition Guidelines by NRIs, PIOs and Foreigners
1. Guidelines for Acquisition of
Property in India by NRIs, PIOs and
Foreigners
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2. Non Resident Indians (NRIs), Persons of Indian Origin (PIOs),
and Foreign Nationals of non-Indian Origin (Foreigners) can
acquire Immovable Property as per the laws and legislations
laid down by the Central Government.
4. NRIs and PIOs can acquire Immovable Property (either
Residential or Commercial) in India by way of
purchase, gift, inheritance, or share of joint property received
upon partition of family/property, etc. as per the guidelines
laid by the Foreign Exchange Management (Acquisition and
Transfer of Immovable Property in India) Regulations, 2000.
8. Acquisition by way of
Purchase:
The Reserve Bank of India (RBI) has permitted the following
categories of NRIs/PIOs to acquire Immovable Property (other
than agricultural land, plantation or farm-house property) by
way of purchase, provided the payment is made out of
Foreign Exchange Inward Remittance or any Non Resident
Bank Account in India, i.e., (Non Resident External (NR(E)),
Foreign Currency Non Resident Account (FCNR(B)) or Ordinary
Non Resident Rupee Account a/c (NRO) in connection with
acquisition of Immovable Property in India:
9. Acquisition by way of
Purchase:
A Non Resident who is a citizen of India
A Non Resident who is a Person of Indian Origin (PIO)
A Non Resident who has a Overseas Citizenship of
India (OCI)
A Non Resident who has established in India a branch office
or other place of business (excluding a liaison) office
11. Acquisition by way of
Gift:
General permission is granted to acquire any Immovable
Property (other than agricultural land, plantation or
farmhouse property) by way of gift from a person (donor)
who is:
A Person Resident in India, or
A Person Resident outside India (NRI) who is an Indian
citizen or foreign citizen of Indian origin.
12. Acquisition by way of
Gift:
Provided that applicable Gift Tax if any has been paid at the
time the immovable property is being gifted.
14. Acquisition by way of
Inheritance:
General permission is granted for inheritance of Immovable
Property including agricultural land, plantation or farm-house
property from:
A Person Resident in India, or
A Person Resident outside India who may be an Indian
citizen or Foreign Citizen of Indian Origin provided such
person had acquired the said property in accordance with the
provisions of Foreign Exchange Law in force at the time of
acquisition, i.e., FERA, 1973 or FEMA 1999.
15. Acquisition by way of
Inheritance:
Hence, agricultural land, plantation or farmhouse property
can be acquired by way of inheritance only.
17. Immovable Property Acquisition
by Foreign Nationals of Non-
Indian Origin
The residential status of a foreign national of non-Indian
origin determines the ability to acquire immovable property
in India. Thus, Foreign Nationals of non-Indian origin can be
further divided into:
Foreign Nationals of Non-Indian Origin, Resident Outside
India
Foreign Nationals of Non-Indian Origin, Resident In India
20. Guidelines for Acquisition of
Property in India by NRIs, PIOs and
Foreigners
Brought to you by Aukeva, A real estate investment firm
focused on India and USA real estate market
For more information:
98712.23021, 81306.77471 (India)
925.415.9151 (USA)
sales@aukeva.com
www.aukeva.com